Canadian Dollar A 'Main Victim' Of Collapse Of Global Oil Talks

TORONTO -- The Canadian dollar was trading lower Monday morning after the price of oil took a hit.

The loonie was down 0.45 of a cent at 77.45 cents U.S. after oil-rich countries failed to reach an agreement Sunday on freezing production.

The currency has been "one of the main victims of the sharp fall in crude prices at the open today,” said RBC currency strategist Adam Cole, as quoted at the Globe and Mail.

UPDATE 4/18/2016 4:45 pm ET: The market shock from the failed talks on an oil production cut was short-lived, with the Canadian dollar bouncing back Monday afternoon to close at 78.14 cents U.S. That erased all the losses from Mondaty morning's open.

The TSX was unfazed by the collapse by the end of the trading day, rising 82.62 points to 13,719.82. Energy and base metals stocks led the way.

Original story continues.

The effort to reach a consensus on freezing production to support prices failed after Iran stayed away from a weekend meeting of 18 oil producing countries in Qatar.

Eighteen oil-producing nations were at the Doha summit, with OPEC member Iran sitting out the meeting.